Corning Incorporated (NYSE:GLW) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its stake in Corning Incorporated (NYSE:GLW) by 0.9% in the 3rd quarter, Holdings Channel reports. The firm owned 624,544 shares of the electronics maker’s stock after purchasing an additional 5,506 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Corning were worth $28,198,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. MBB Public Markets I LLC boosted its stake in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP purchased a new stake in Corning during the second quarter worth $511,000. National Pension Service grew its holdings in Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC purchased a new position in shares of Corning in the third quarter valued at $5,705,000. Finally, Los Angeles Capital Management LLC boosted its position in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Up 0.1 %

NYSE GLW opened at $47.35 on Thursday. The firm has a market capitalization of $40.54 billion, a price-to-earnings ratio of 278.53, a PEG ratio of 1.49 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The company’s 50 day moving average price is $46.08 and its 200 day moving average price is $41.81.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company earned $0.45 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.